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KOF Economic Barometer Ticks Up, Employment Outlooks Point Negative

SWITZERLAND DATA
MNI (London)

SWITZERLAND SEP KOF BAROMETER 93.8; AUG 93.5r

  • The Swiss KOF Barometer was largely unchanged in September at 93.8, following a strong upwards revision of August to 93.5 as a result of the annual revision. This was the fourth consecutive month of below-average outlooks.
  • The slight improvement is due to marginal upticks in the manufacturing and service sector, whilst the finance and export sectors remained pessimistic.
  • The report highlighted negative employment outlooks and business situation, implying that concerns regarding spillover effects of a European recession into year-end remain elevated.
  • Q3 GDP is at present expected to come close to stalling as the country experiences the highest inflation rate in three decades. At +3.5% y/y in August inflation remains relatively muted compared to neighbouring countries.

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SWITZERLAND SEP KOF BAROMETER 93.8; AUG 93.5r

  • The Swiss KOF Barometer was largely unchanged in September at 93.8, following a strong upwards revision of August to 93.5 as a result of the annual revision. This was the fourth consecutive month of below-average outlooks.
  • The slight improvement is due to marginal upticks in the manufacturing and service sector, whilst the finance and export sectors remained pessimistic.
  • The report highlighted negative employment outlooks and business situation, implying that concerns regarding spillover effects of a European recession into year-end remain elevated.
  • Q3 GDP is at present expected to come close to stalling as the country experiences the highest inflation rate in three decades. At +3.5% y/y in August inflation remains relatively muted compared to neighbouring countries.

Keep reading...Show less